TD Power Systems Ltd. shares fell nearly 4% on Tuesday, October 13, after the company closed its qualified institutional placement (QIP) and allotted shares to eligible institutional investors, raising ₹600 crore from the exercise. According to reports from CNBC TV18, the company's Fund Raising Committee approved the allotment of 77.42 lakh equity shares at ₹775 apiece, including a premium of ₹774 per share, aggregating to ₹599.99 crore. The issue price represented a 0.05% discount to the floor price of ₹775.35 per share. The QIP opened on October 7 and closed on October 12.
As reported by CNBC TV18, mutual funds emerged as the largest category of allottees, with Axis Mutual Fund (various schemes) receiving 10,32,258 shares, representing 13.33% of the issue on a PAN-clubbed basis. Canara Robeco Mutual Fund (various schemes) was allotted 10,32,258 shares, also accounting for 13.33%, while ICICI Prudential Mutual Fund (various schemes) received 10,32,258 shares, or 13.33% of the issue on a PAN-clubbed basis. Mirae Asset Mutual Fund (various schemes) was allotted 6,45,161 shares, representing 8.33% of the total issue. Aditya Birla Sun Life Mutual Fund (various schemes) received 4,51,612 shares, or 5.83%, while Societe Generale – ODI was allotted 4,38,708 shares, representing 5.67%. Bandhan Mutual Fund (various schemes) received 3,87,096 shares, accounting for 5% of the issue.
According to the latest shareholding pattern as of September 30, as reported by CNBC TV18, promoters held 27.16% of the company, while public shareholders held the remaining 72.84%. Mutual funds were the largest institutional investor category, holding 25.67% of the company's equity, followed by foreign portfolio investors (FPIs) in Category I with 21.10%. Among individual mutual fund schemes, Nippon India Small Cap Fund held 6.91%, Axis Focused Fund 4.15% and HSBC Midcap Fund 3.42%. Retail investors holding nominal share capital of up to ₹2 lakh accounted for 13.42% of the equity, while alternative investment funds held 1.69%.
As reported by CNBC TV18, shares of TD Power are now trading 3.5% lower on Tuesday at ₹797.1, close to its intraday low of ₹795.1. The stock has demonstrated strong performance this year, rising 137% so far this year. Following the allotment, TD Power Systems' paid-up equity share capital increased from ₹31.37 crore to ₹32.14 crore. The company's shares have been trading near their intraday lows, reflecting the market's response to the QIP closure.
